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Free AccessMNI DATA ANALYSIS:Canada Wholesale Sls +0.1%, Ex Autos +0.5%>
By Yali N'Diaye
OTTAWA (MNI) - Canadian wholesale sales edged up 0.1% to C$63.3
billion in January, in line with market expectations, data from
Statistics Canada showed Tuesday.
The 12-month growth rate slowed to 6.4% from 8.1%, the slowest pace
since January 2017.
However, underlying data indicated that activity was stronger than
the headline figure suggested, starting with upward revisions to
December's estimates, and gains across 66% of wholesale trade, including
machinery.
Besides, a 2.7% appreciation of the Canadian dollar against the
greenback on average over the month weighed on the value of wholesale
sales, contributing to a negative price effect.
--STRONGER UNDERLYING DATA
Instead, real activity strengthened in January, with sales volumes
up 0.5%, erasing December's decline.
December's sales estimates were revised up, by 0.3 percentage
points to -0.2% for nominal sales and by 0.4 percentage points to -0.5%
for volumes.
In addition, sales increased in four of seven subsectors, led by a
3.1% gain in food, beverage and tobacco, and more importantly by a 1.6%
increase in machinery, equipment and supplies on the back of a 3.3% gain
in December, sending a positive signal for investment activity.
Regionally, the picture was mixed, with sales up in half of the
provinces.
--AUTOS, BUILDINGS WEIGH
On the other hand, the auto and parts sector continued to weigh on
the overall performance in January, as sales contracted 1.6% after
falling 1.0% in December. Autos sales alone fell 2.4%.
Overall sales excluding motor vehicles and parts rose 0.5%, after
edging down 0.1% in December (revised from -0.4%).
Building material and supplies were the other large negative
contributor, with sales down 4.0%, the largest drop since August 2017.
--HIGHER INVENTORIES
Inventories increased for the second consecutive month, recording a
gain of 1.1% after rising 1.5% in December, a negative signal for
production activity ahead.
The inventory-to-sales ratio rose to 1.32 in January from 1.31 the
previous month. The last time the ratio was this high was in November
2016, and the last time it was higher than 1.32 was in March 2016
(1.34).
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.